A recurring issue in the economic analysis of risk regulation agencies is whether these efforts have had any significant favorable effect on safety. Although the existence of such an effect would not necessarily imply that ...

Abstract-Surveys of individual's risk-dollar tradeoffs illuminate not only the local tradeoff rates but also can be used to address more fundamental questions about the structure of
utility functions. This largely unexplored ...

DAM Smith (1937) observed that "the whole of the advantages and disadvantages of the different employments of labor and stock must, in the same neighborhood, be either perfectly equal or continually tending to equality." ...

Balancing of risk and cost lies at the heart of standard negligence tests and
policy analysis approaches to government regulation. Notwithstanding the desirability
of using a benefit-cost approach to assess the merits of ...

A sample of almost 500 jury-eligible citizens considered a series of experimental
situations involving accidents. The juror sample did not properly apply negligence
rules, as their errors were particularly great for ...

Risk equity serves as the purported rationale for a wide range of inefficient policy practices, such as the concern that hypothetical individual risks not be too great. This paper proposes an alternative risk equity concept ...

A fundamental issue in the economics of uncertainty is how individuals process information and make choices under uncertainty. In a recent analysis of the findings on risk perception, Kenneth Arrow (1982) concluded that ...